Spanish builder ACS has secured a crucial 30 percent holding in German construction group Hochtief in its hotly contested takeover bid.
The 30 percent level is key because it means the Spanish can now buy more shares on the market without having to make another offer for the whole company.
ACS wants control of Hochtief’s strong balance sheet to ease its own debt burden of more than nine billion euros.
The move will also help it diversify away from Spain’s struggling construction and property sectors.
Hochtief’s shares lost value following confirmation that ACS had achieved its goal of more than 30 percent.
Many had anticipated the result after US investor Southeastern Asset Management, which has holdings in both companies, said it would tender half its Hochtief shares to the bid.